RenaissanceRe (RNR) 8-K RenaissanceRe to Participate in the 2008 Lehman Brothers Global Financial Services Conference

RenaissanceRe

Holdings Ltd.

Creating value

across market cycles

Investor Presentation

September 2008

Exhibit 99.2

Table of Contents

Results

Strategic Overview

Reinsurance

Individual Risk

Ventures

Hurricane Science

Outlook

3

Maintaining discipline through a soft market –

growing tangible book value per common share

In millions except per share

amounts and percentages

December 31, 2007

June 30, 2008

Gross Premiums Written

$1,810

$1,335

Operating Income*

735

308

Net Income

570

273

Common Equity

2,827

2,723

Operating Return on Common

Equity*

27.0%

22.3%

Combined Ratio

59.3%

52.5%

Tangible Book Value Per

Common Share*

$ 40.94

$ 42.14

*Information concerning the reconciliation of Non-GAAP measures can be found at the end of this presentation. 

4

We have generated superior value across market cycles

Legend: Green =TBVPS; Yellow = accumulated dividends

*Information concerning the reconciliation of Non-GAAP measures can be found at the end of this presentation. 

Results

Strategic Overview

Reinsurance

Individual Risk

Ventures

Hurricane Science

Outlook

6

We have maintained our unique culture and discipline…

Discipline

-

Disciplined underwriting team with a proven track record in hard and

soft markets; history of identifying market inefficiencies

Talent & Culture

-

Experienced management team; risk management culture;

shared strategic vision

Use Of Technology

–

Proprietary models to analyze and aggregate risk; large

databases to support decision making; recognize limits of modeling

Relationships

-

Excellent customer and broker relationships; recognized market

leader; focus on adding value

Capital

-

Strong capitalization; strong loss reserves; multiple channels by which to

access capital; disciplined capital management

7

…which provides us with important competitive advantages.

Superior Risk

Selection

•

Underwriting excellence

•

Premier risk modeling capabilities

•

Confidence to quote risks in changing

environment

•

Long term outperformance

Superior

Relationships

•

Consistent exposure based pricing

•

Quick response

•

Customized products

•

Capacity for large lines

•

Advice on cat risk management

•Superior credit quality and willingness to

pay claims

•

Normal “open market”

position

-

Plus preferred signings on open                   

market transactions

-

Plus private market transactions

•Higher market share of attractive

business

Superior

Capital/Joint

Venture

Management

•

Excellent financial rating

•

Innovation

•

Matching capital to risk

•

Joint ventures

•

Focus on underwriting

•Ability to expand and contrast capacity

in innovative ways

•Creates opportunities for clients &

capital providers

•

Optimize return to investors

8

Multiple channels of access to capital is a competitive advantage

RNR

Long-term

JV Capital

(e.g. DaVinci)

Public

Equity

Reinsurance

Public

Debt

Short-term or

Soft Capital

(e.g.

Starbound I

& II)

Private/

Bank Debt

9

Our strategy: expand existing lines where attractive;

leverage our strengths in new areas

Credible Data/

Decision Support

Tools

Market

Opportunity

Cultural Fit

10

Our expansion strategy has been key to our growth

*Information concerning the reconciliation of Non-GAAP measures and cautionary information with respect to the 2008 projections can be found at the end of this

presentation.

(1) 2008 projected premiums are based on July 2008 premium estimates of managed catastrophe premiums down 10%, individual risk premiums down 5%, and specialty

reinsurance premiums written down 50%. These estimates were originally disclosed in the Company’s Annual Report on From 10-K for the year ended December 31,

2007 and were updated on the Company’s earnings call for the quarter ended June 30, 2008.

Gross Written Premium*

Results

Strategic Overview

Reinsurance

Individual Risk

Ventures

Hurricane Science

Outlook

12

Leveraging off of our market leading franchise

•

Exposure based pricing that

meets our portfolio return

hurdles

•

Quick response

•

Customized products

•

Capacity for large lines

•

Advice on cat risk management

•

Superior credit quality and

willingness to pay

•

Normal “open market”

position

•

Plus preferred signings on open

market transactions

•

Plus private market transactions

•

Option to renew business

written for fully collateralized

vehicles

RNR delivers value

RNR gets preferred status

13

Reinsurance Strategy

•

Maintain strong relationships with brokers to see business on a “first

call”

basis

•

Use sophisticated analytical tools for superior risk selection

•

Cultivate risk management culture to monitor aggregation of risk

•

Strive for fast claims response to emphasize ability and willingness

to pay

•

Continue to look for new lines of business

•

Continually compare deals, renew the best and get off the rest

•

Optimize the portfolio through inwards and outwards contracts

14

Extending our industry leadership:

different approaches to different cycles

•

“Pedal to the metal”

in existing

business

•

Innovate to create capacity /  

opportunity, working with

Ventures business:

-

Sidecars

-

Parametric solutions

•

Maintain discipline around

exposure-based pricing

•

Define value proposition for

brokers / buyers

•

Strengthen existing business

operations

•

Maintain discipline around

exposure based pricing

-

“Deal we will do”

versus

offered terms

•

Cautiously pursue new

opportunities

•

Return capital to

shareholders

Hard Market Strategies

Soft Market Strategies

15

Discipline requires knowing when to grow

and when to shrink

•

Market conditions matter –

we decrease when conditions soften

(e.g. late 1990’s and 2008), and grow when pricing improves (e.g. 2002)

•

Specialty premium can be lumpy due to our willingness to participate on large

lines; we remain disciplined in a more competitive market

0

500

1000

1500

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

proj.

(1)

Specialty

Managed Cat ceded to fully-collateralized J.V.'s*

Managed Cat*

*Information concerning the reconciliation of Non-GAAP measures and cautionary information with respect to the 2008 projections can be found at the end of this

presentation.

(1) 2008 projected premiums are based on July 2008 premium estimates of managed catastrophe premiums down 10% and specialty reinsurance premiums written

down 50%. These estimates were originally disclosed in the Company’s Annual Report on From 10-K for the year ended December 31, 2007 and were updated on the

Company’s earnings call for the quarter ended June 30, 2008.

Managed Catastrophe and Specialty Premiums

Results

Strategic Overview

Reinsurance

Individual Risk

Ventures

Hurricane Science

Outlook

17

17

Market conditions dictate writings –

we will decrease when

conditions soften and grow when pricing improves

0

200

400

600

800

2002

2003

2004

2005

2006

2007

2008 Proj. (1)

$MM

Commercial Property

Personal Lines Property

Commercial Multi-line

Multi Peril Crop

Individual Risk Premiums

(1) 2008 projected individual risk premiums are based on July 2008 premium estimates of  premiums down 5%. These estimates were originally disclosed in

the Company’s Annual Report on From 10-K for the year ended December 31, 2007 and were updated on the Company’s earnings call for the quarter ended

June 30, 2008.

18

Individual Risk Strategy

Our focus is on high margin primary insurance and quota share reinsurance

We partner with other insurance companies and program managers

(intermediaries) who source the risk and provide back office support

We target a small number of partners with the following characteristics:

–

Leaders in their classes of risk

–

Large premium volume

–

Efficient back offices

–

Focused on data, systems and rigorous risk analytics

We are developing proprietary risk modeling tools to track and evaluate exposures

Extending into attractive markets and expanding

our operational capabilities

19

Results

Strategic Overview

Reinsurance

Individual Risk

Ventures

Hurricane Science

Outlook

21

Ventures has supported business growth in three key areas

•

Catastrophe Portfolio

Participation CPPs -

Participation in the results

of our property cat book

•

Starbound

I

& II (Florida)

•

Timicuan Re (Florida)

•

Cat Bonds

•

Other

•

Platinum (2002) –

IPO spin-off

of St. Paul’s reinsurance

operations 

•

ChannelRe Holdings Ltd.

(2004) –

Financial guarantee

reinsurer in partnership with

MBIA, Partner Re and Koch

Financial

•

Tower Hill (2005) -

Recapitalization of Florida

primary insurance companies

•

Top Layer Re

•

DaVinci Re

•

OPCat

Examples

•

Custom packaging

and selling of risk

•

Strategic investments to

capitalize upon market

dislocations

•

Attractive businesses that we

prefer to invest in rather than

operate

•

Continue to selectively

consider large deals or other

classes of business

•

Leveraging RenRe’s

capabilities and reputation

as a leading property cat

reinsurer

•

Very active role in the

management, oversight

and corporate governance

of the entities

Business

3) Customized Reinsurance

2) Strategic Investments

1) Property Cat Joint Ventures

Results

Strategic Overview

Reinsurance

Individual Risk

Ventures

Hurricane Science

Outlook

23

Extending scientific leadership:

hurricane risk mitigation

RenaissanceRe

has been investigating the damage patterns and economic impact of

catastrophic storms for many years.

By contributing to hurricane risk mitigation efforts, we are seeking to:

–

Learn

new

information

about

behavior

and

frequency

of

forces

for

underwriting

–

Increase the resiliency of storm-exposed communities by contributing to the

development of effective mitigation techniques and products

–

Reduce the frequency of claims and the severity of the financial

impact of

storms to the (re)insurance

industry

Our current hurricane risk mitigation efforts include

StormStruck™

The RenaissanceRe

Wall of Wind

The Hurricane Risk Mitigation Leadership Forum series

Results

Strategic Overview

Reinsurance

Individual Risk

Ventures

Hurricane Science

Outlook

26

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Our goal remains long-term growth in tangible book

value per common share plus accumulated dividends

-20%

-10%

0%

10%

20%

30%

40%

50%

Operating ROE*

Tangible Book Value Per Common Share plus

Accumulated Dividends*

* Information concerning the reconciliation of Non-GAAP measures can be found at the end of this presentation.

Tangible book value per common share plus accumulated dividends has grown at an

annualized rate of 17.5% from 1998 through 2007 –

driven by a track record of strong

Operating Return on Equity

27

RenaissanceRe

is well-positioned

Balance

sheet

and

capital

base

are

stronger

than

at

any

point

in

our

15

year

history

Our

organization

is

strengthened

by

new

talent,

widening

our

breadth

of

expertise

Our distinctive corporate culture remains a key competitive advantage

We continue to strengthen our position as a leader in property cat reinsurance

with superior risk analytics

We view ourselves as a capital provider to our clients and provide capital

principally in the form of reinsurance, alternative forms of capital are provided

to meet clients’

evolving needs

We are well positioned for 2008, remaining disciplined and focused on growth

where we see attractive opportunities

28

Safe Harbor Statement

Cautionary

Statement

under

"Safe

Harbor”

Provisions

of

the

Private

Securities

Litigation

Reform

Act of 1995:

Statements made in this presentation contain information about the Company's future business

prospects.

These statements may be considered "forward-looking."

These statements are subject

to risks and uncertainties that could cause actual results to differ materially from those set forth in

or

implied

by

such

forward-looking

statements.

Forward-looking

statements

are

only

as

of

the

date

they are made and we do not undertake any obligation to update or revise publicly any forward-

looking statements, whether as a result of new information, future events or otherwise. For further

information regarding cautionary statements and factors affecting future results, please refer to

RenaissanceRe

Holdings

Ltd.’s

filings

with

the

Securities

and

Exchange

Commission,

including

its

Annual

Report

on

Form

10-K

for

the

year

ended

December

31,

2007

and

its

Quarterly

Reports

on

Form 10-Q for the quarters ended March 31, 2008, and June 30, 2008.

This

presentation includes certain non-GAAP financial measures within the meaning of Regulation

G including "operating return on equity", “operating income”, “tangible book value per common

share”, "tangible book value per common share plus accumulated dividends”

and

“managed

catastrophe

premium”.

A

definition

of

such

measures

and

a

reconciliation

of

these

measures

to

the

most

comparable

GAAP

figures

in

accordance

with

Regulation

G

is

available

in

the

Company's

2007 Annual Reports and the February 5, 2008, April 29, 2008, and July 29, 2008 Press Releases

which

are

located

on

the

Company's

website

www.renre.com

under

“Investor

Information/Current

News”.

RenaissanceRe Holdings Ltd.

Renaissance House

8–20 East Broadway

Pembroke, HM 19

Bermuda

Tel: (441) 295-4513

www.renre.com